New listings have their benefits. The biggest thing is pricing right in the very beginning - do not set your price for negotiation - set it to sell. Once the property's been on the market, even if you reduce the price, the buyers smell blood and will try to negotiate the price even if it's already low. Your house only needs to be off the market for 90 days now (old rule was 6 months). If you need a referral to a great agent in your area, give me a call. I know a few who can get your home S-O-L-D! firstname.lastname@example.org 703-669-3142... more
A cash offer is where you know that you have the financial means to close on the transaction- absolutely.
You either have a letter of credit from your lender, or documentation that whatever property you choose that you can get financing for it.
Your offer would not be "contingent" on you getting financing. This makes it very strong to the Seller, and puts you in a very good bargaining position. You will need though to provide your agent with documentation that you, in fact, have access to funds to close which he/she would present with your offer.
I have done this many times - with clients and personally. When you may be in a competitive situation with other offers, a Seller may be more inclined to accept your offer rather than one "contingent" on the buyer getting financing, even if your offer is for less money (in some cases)
All the Best to you!... more
I'll be sitting on a great home this Sunday in Burke Centre. So well maintained and move in ready. The market is slowing down this fall and the inventory is very low. Take advantage of the fall market
A complete executed contract and a request to open escrow. If they are holding the earnest money, you need to deliver the check or request they send a courier. Timelines should be documented and followed to ensure you are in compliance with the law and your MLS rules.... more
You should be able to use your title company and the bank can use their own. It is called a split settlement and it happens all the time.
It is possible that the bank will refuse to enter into a contract with anyone other than their title company and this could be for a couple of reasons. First, many foreclosures have been undone lately and the bank may want to use a company that they are sure will get the process correct. They don't want to deal with an issue later.
Second, the title in a foreclosure is often messy and it is possible that their title company has cleaned the title and has all the paperwork to show it. If you pick another title company, that work will need to be repeated and it is possible they have trouble fixing all the issues and you don't make it to settlement. The bank does not want to get 99% of the way through the process not to settle.
I would look into a split settlement and if that does not work, I would look into their company if that is what it will take. It may not be the best alternative, but sometimes that is what it takes to get the house. In the end, you will still have a title insurance policy.... more
Single family homes are generally FHA Approved. There are some issues that may come up in an appraisal they will require to be changed, like carpeting in a bathroom or safety issues, but free standing stick build homes are usually fine. Condos & Townhomes do have limitations depending on the complex in regards to home owner’s association reserves and pending lawsuits.
If either property has outstanding deferred maintenance issues like a bad roof or inoperable heating system, they would have to be improved first.... more
They should use current income. As long as your income is rising, they shouldn't have any problem.
You should be able to get best rate for FHA loan or Conventional loan.
Call me 202-509-5606 or email me email@example.com... more
You're right, usually the closing date is left open until the final stages of a short sale so addendums are not continually extending the date.
A couple of things bother me about your question.
How long has it been since the offer was submitted to Suntrust? If a BPO was completed by the lender it sounds like some progress has been made.
Moreover, it sounds like your seller is using a 3rd party negotiator, which I am always wary of; many times they are unlicensed entities who don't have the homeowners best interest at the top of their priority list.
Can you provide some more details?... more
That is a chancey game to play. Suppose you fall in love with a home priced at 275K and the sellers won't come down to your price range? You've set yourself up for disappointment. Also, don't forget when taking into account how much you have to spend the closing costs. These cover a great range, depending what you're including, but you can probably count on around 10,000 for that price range. What I tell my buyers where we're at is "You own the house, the house doesn't own you. If you have to sacrifice in other areas to make mortgage payments, then perhaps you should reduce the amount you're willing to spend on a house. Good luck... more
I feel since loss to the bank will be less your chances are getting approved are high. I would not walk away but ask listing agent to post you as soon as things move on. I have closed seller short sales with in a month to 45 days few times. Hang in there at least for 30-45 days, I suggest... more
FHA requires 3.5% down payment. Up to 3% of closing costs can be paid by the seller. I do know of one lender doing 1% down, but I think the requirements are probably pretty stiff to get that approved. Focus on finding some ways to cut back your spending so you can save some money. Google "Dave Ramsey" for ideas.... more
Mary, How long have you owned and what are your long term goals from real estate? There is lot more that I can write here but has to be your situation specific!! In general, as recommended over and over; 5+ years is the key to possibly some appreciation. If you are willing to be Landlord for at least 6+ years, you may walk away with some money BUT again there is significant math involves when you are considering being landlord for that time period! If you feel it is too much hassel then you won't repent at least for next 6 years that you sold.:) OK now it is generic ; what is your location, again that may change things for you little bit here and there and what you own. So Please add few comments so myself and fellow Realtors can provide specific help! Regards, Monika... more
Probably talking about this -
1-888-995-HOPE A HUD-approved counselor affiliated with the non-profit Homeownership Preservation Foundation is available 24/7 to help you examine options. These counselors will help you understand opportunities that might be available to you to help save your home; and they’ll even talk to the bank on your behalf. NeighborWorks www.nw.org
This and more information is available under NEWS YOU CAN USE on my web site - scroll down to the April postings, I have lots of foreclosure prevention stuff there.... more
I'm sorry that you are in this situation, and, unfortunately, don't know a good attorney in that area. However, please don't throw the baby out with the bath water! From your post, I assume you want the home, are ready to move in, but are annoyed and inconvenienced by this delay. If you walk and don't close somewhere else immediately, your hotel and storage costs could be MUCH worse! You could try asking the bank to reimburse you - it doen't hurt to ask! best of luck!... more